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Dogecoin nears $0.09 as whales boost trading volume

Published Dec 05, 2023 00:30
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On Monday, Dogecoin (DOGE) continued its upward trajectory, breaking past a key resistance level and eyeing a milestone in its nearly decade-long journey. The cryptocurrency, known for its Shiba Inu mascot, saw its value climb to $0.089520 on Binance, marking a near 4% increase within the day.

The meme coin's rise comes as it approaches its tenth anniversary on December 6, 2013, with on-chain data highlighting strong profitability among holders and significant whale activity. Over the last week, Dogecoin has registered more than $11.94 billion in large transactions, emphasizing the growing confidence of heavyweight investors.

An analysis of IntoTheBlock metrics indicates that the majority of DOGE wallets are in profit, with the price recently peaking at $0.090150. Since November 15, the Network Value to Transactions Ratio has remained stable, suggesting the potential for continued positive momentum. Whale wallets holding between 10 million to 1 billion coins have been actively accumulating Dogecoin, further supporting its growth prospects.

The enthusiasm for Dogecoin is echoed in its trading performance today, with a surge of more than 8%, briefly touching $0.08978. The coin's month-over-month growth is an impressive nearly 30%, indicating a robust rally that could soon test the $0.1 threshold.

Traders have embraced Dogecoin's momentum, contributing to a 75% spike in trading volume which reached $920 million in the past day. The influence of whale holders is evident from the weekly transaction volume exceeding $1 billion.

Additionally, daily active addresses have increased by over a third to more than 82,000, showcasing heightened user engagement with the cryptocurrency. Dogecoin's market capitalization currently stands at approximately $12.8 billion and may be poised for further gains if Bitcoin continues its current uptrend and leads a broader market rally.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Dogecoin nears $0.09 as whales boost trading volume
 

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